Congress Finally Does Something Good!

This just in...Congress has passed and the president is expected to sign the Worker, Retiree, and Employer Recovery Act of 2008.  One important provision of the bill is the suspension of the excise tax on those over the age of 70 1/2 who do not take a 2009 required minimum distribution from their retirement accounts.  Thankfully, retirees whose portfolios have lost so much in value recently will not be required to add insult to injury and take an RMD next year.  I was hoping that they would make this retroactive to 2008 for those who have been waiting to take a distribution just in case something was done to provide relief this year, but it is better than nothing!